T.J. 10-18-13 Wrong Plan Leads to Bad Result

My plan for today was only one sided. It was based on my expectation of the market behaves. I didn't have a hard rule of exit in place other than 2X stop loss. Earlier I had only less than $300 under water. I could have a plan of scale out at lower loss. Instead, I had to close most of the call sale positions in the last 30 min. It was dangerous. I could have cost a lot more than $380 if the market kept going up. At one time it was over $1100 under water.

Good thing is that I didn't panic today. The overall plan was executed although the plan itself had flaws. Also in planning entries I need to have some more hard rules instead of gut feelings. Also be flexible. In a trending day, selling puts is safer than calls for scalping. In reviewing my results, most of my big losses were from selling calls.